Mortgage Rates Move Higher on a Strong Employment Report

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A surprisingly strong October employment report sent 10 year bond yields up 15 basis points on Friday, which pushed 30 year conforming mortgage rates higher by 15 basis points. 30 year mortgage rates today are averaging 4.37 percent, an increase from last week's average 30 year mortgage rate of 4.21 percent.

See a List of Mortgage Rates Here: Mortgage Rates Today
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.259
4.125
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $4,459
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.713
3.625
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.100 pts
30 day lock rate
Est payment: $1,368.15
Fees in APR: $2,947
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.525
4.500
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $889
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.783
3.750
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.000 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $1,219
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.894
3.875
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 0.000 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $700
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from NationsChoice Mortgage
NationsChoice Mortgage
https://www.brimg.net/system/img/inst/8111_logo.gif
300000
Refinance
4.167
4.125
USD
NationsChoice Mortgage Logo
NMLS # 164626
State Lic # 4130556
(877) 388 - 3956
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,495
 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.689
3.500
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 1.100 pts
30 day lock rate
Est payment: $1,347.13
Fees in APR: $3,643
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.078
3.875
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 1.100 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $3,976
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.304
4.250
USD
San Diego County Credit Union
4.304%
3/20/2019
4.250%
at 0.500 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $434
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.275
4.250
USD
First Tech Credit Union
4.275%
3/20/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.412
4.375
USD
Raymond James Bank, NA
4.412%
3/26/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.522
4.500
USD
Union Bank
4.522%
3/20/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.278
4.250
USD
Schools First FCU
4.278%
3/25/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $995
 
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
3.878
3.875
USD
Star One Credit Union
3.878%
3/25/2019
3.875%
at 0.000 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.419
4.375
USD
Bank of the West
4.419%
3/26/2019
4.375%
at 0.250 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $793
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






The employment report showed over 204,000 jobs were created for October, much higher than the consensus of 100,000 jobs. The number of jobs created was a surprise considering the Federal government was shut down for the first 16 days of October and the fight to raise the debt limit raged on for the first half of the month.

Strong Job Growth Will Force the Federal Reserve to Taper


The jobs number wasn't the only thing that sent bond rates and mortgage rates sharply higher. A stronger economy and more robust job growth will make it more likely the Federal Reserve will start to taper their purchases of long term bonds and mortgage-backed securities.

The Fed's policies of buying these securities, known as quantitative easing (QE), is designed to force long term interest rates lower. The Fed has been successful at driving long term bond rates and mortgage rates down to record lows. At the end of October, analysts believed the Fed would continue their purchases well into 2014 but now it looks like the Fed might slow their purchases earlier.

Just the possibility of the Fed slowing down their purchasing is sending rates higher. We went through this same scenario over the summer when bond rates and mortgage rates shot up over 1.00 percent on the fears of the Fed slowing their current round of QE.

Where are Mortgage Rates Headed This Week?


Mortgage Rates Move Higher on a Strong Employment ReportWhich direction mortgage rates head this week will depend on economic data released during the week. No data will be released on Veterans Day and nothing is scheduled to be released tomorrow. The biggest rate movers this week, initial unemployment claims, industrial production, and capacity utilization are all scheduled to be released later during the week.

Initial claims will be released on Thursday and the market expects the number to be at 335,000. A number lower than that will send rates higher since it will add more credence to a stronger labor market. Industrial production and capacity utilization are scheduled to be released on Friday and a strong number on either of these will also send rates higher.

Weaker than expected numbers on any of these three won't really send rates much lower from current levels. The forecast on the high end for 30 year mortgage rates are at 4.60 percent and on the low end, 30 year rates could move down to 4.15 percent. The best 30 year refinance rates in our rate table today are at 3.75 percent with 2 mortgage points.

15 Year Mortgage Rates Today


Average 15 year mortgage rates today are up 13 basis points this week and are just under 3.50 percent. The current average 15 year mortgage rate is at 3.40 percent, up from the previous week's average 15 year mortgage rate of 3.27 percent. As with 30 year rates, the direction 15 year rates take this week will depend on where bond rates go.

Strong data and higher bond rates will send 15 year mortgage rates above 3.50 percent, probably as high as 3.65 percent. Weak numbers will send 15 year rates as low as 3.25 percent. Currently, the lowest 15 year refinance rates in our database are at 2.75 percent with 1.764 mortgage points.

Current Jumbo Mortgage Rates


Current mortgage rates on 30 year jumbo mortgage loans are averaging 4.49 percent, an increase from the prior week's average 30 year jumbo mortgage rate of 3.39 percent. The range for average jumbo mortgage rates this week will be between 4.30 percent on the low end and 4.65 percent on the high end.

While average rates fluctuate daily, the best jumbo rates available have remained consistent over the past several weeks. The best jumbo mortgage rates today in our database are still at 4.00 percent with points. The best jumbo rates without points are still below the average rate at 4.125 percent.

Today's mortgage rates on 15 year jumbo loans are averaging 3.80 percent, an increase over last week's average 15 year jumbo rate of 3.69 percent. The range for 15 year jumbo rates this week will be between 3.65 percent and 3.95 percent. The best 15 year jumbo refinancing rates in our database right now with points are at 3.125 percent, the best rate without points is at 3.50 percent.

Today's Adjustable Mortgage Rates


Average 5 year conforming adjustable mortgage rates are currently at 3.64 percent, a sharp increase over last week's average 5 year adjustable mortgage rate of 3.37 percent. For the coming week, 5 year adjustable mortgage rates could move as low as 3.45 percent or as high as 3.85 percent.

If you're in the market for an adjustable loan, the lowest 5 year adjustable rates available are more than 150 basis points below the average rate. The best 5 year adjustable rate in our database with points is at 2.125 percent and the lowest adjustable rate without points is at 2.49 percent, still over 100 basis points below the average.

5 year jumbo adjustable mortgage rates are averaging 2.87 percent, a slight increase from last week's average 5 year jumbo rate of 2.83 percent. This week 5 year jumbo rates on average will remain between 2.75 percent and 3.00 percent. The best jumbo rates today in our database are at 2.125 percent with just under 1 mortgage point. The best rate without points is at 2.49 percent.
 
Author: Brian McKay
November 11th, 2013